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TE Connectivity beats quarterly profit estimates on sensor demand
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TE Connectivity beats quarterly profit estimates on sensor demand
Apr 24, 2024 4:50 AM

April 24 (Reuters) - TE Connectivity ( TEL ) beat Wall

Street estimates for second-quarter profit on Wednesday, helped

by strong demand for its sensor technology from electric vehicle

(EV) makers across the globe.

With governments worldwide implementing regulations to

promote cleaner transportation, a shift towards electric

vehicles is underway, benefiting EV suppliers.

The company posted total net sales of $3.97 billion for the

quarter, which was slightly above the analysts' estimates of

$3.95 billion.

Operating margin in "Transportation Solutions" unit, which

competes with Aptiv ( APTV ) as a supplier to the auto industry,

rose to 19.6% during the quarter.

It reported an adjusted profit of $1.86 per share for the

quarter ended March 29, ahead of Wall Street estimates of $1.83

per share.

However, the company expects an adjusted profit of around

$1.85 per share on revenue of $4 billion for the third quarter,

while analysts estimate it at $1.92 per share, on revenue of

$4.11 billion, according to LSEG estimates.

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